Crypto
Home›Crypto›Regulation›IMF says El Salvador bitcoin holdings use private dona…
IMF says El Salvador bitcoin holdings use private donations, not public funds
The IMF added that El Salvador expects no further bitcoin accumulation beyond the documented donations, and that public participation in the government wallet has been largely wound down.
El Salvador has not used public funds to accumulate bitcoin since the International Monetary Fund’s last review of its loan program, the IMF said Thursday, after examining documentation provided by the government, according to Bitcoin Magazine.
The IMF said El Salvador’s bitcoin received since that prior review came from private donations rather than government resources, and it does not expect additional bitcoin accumulation beyond the documented donations.
The IMF also said understandings were reached on steps to modernize El Salvador’s legal, regulatory, and supervisory framework for digital assets and to strengthen governance and risk management for any public sector crypto asset holdings.
Bitcoin Magazine noted El Salvador’s 2021 decision to make bitcoin legal tender and its later pledge by President Nayib Bukele to buy one bitcoin per day, while the IMF said public participation in the government sponsored wallet called Chivo has been largely wound down, with majority ownership and operational control shifted to a private operator.
Latest closeBitcoin $79,153.04 ▼1.5%